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Bondoc & Asociatii Advises Fondul Proprietatea on Sale of Shareholding in Transelectrica

Romania
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Bondoc & Asociatii has assisted Fondul Proprietatea in its sale of the 13.5% stock of shares it held in Transelectrica.

According to Bondoc & Asociatii, "the sale took place through a private placement, Fondul Proprietatea transferring this way a number of 9,895,212 shares held in Transelectrica’s share for a total amount of RON 212.6 million.”

Fondul Proprietatea is a joint stock company operating as a closed–end investment fund without a set lifetime, incorporated in Romania. According to its website, the fund was initially created by the Romanian Government in December 2005, "to indemnify persons whose assets were abusively expropriated by the communist regime (especially in cases when restitution in kind would not be possible) by granting shares in Fondul Proprietatea to the respective persons proportionate to their loss."

Transelectrica is a publicly-traded electricity transmission system operator in Romania. In addition to the 13.5% of the shares held until recently by Fondul Proprietatea, 58.69% of the shares are held by the Romanian Ministry of Economy and Commerce, with the remaining 27.81% floated on the Bucharest Stock Exchange or held by other investors. 

The Bondoc & Asociatii team was led by Managing Partner Lucian Bondoc, who was assisted by Managing Counsel Simona Petrisor.

 

 

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